Canadian private equity firm Novacap TMT has acquired Ohio broadband and telecommunications provider Horizon Telecom.
Under the terms of the agreement, Novacap will acquire the company from its current owners, which is comprised of over 280 shareholders. At the closing of the transaction, Novacap will continue to work with the existing management team and invest to grow the business throughout the region.
Terms of the deal were not disclosed.
Upon completion of the acquisition and the finalization of new fiber builds, Horizon will operate 550,000 strand miles of fiber and 4,500 route miles of fiber in six states. With additional capital, Horizon intends to enhance its presence in the Columbus, Ohio market and extend its existing network closer to customer premises.
Novacap has a history of investing in small telecommunications providers throughout the US. The firm is currently an investor in FirstLight Fiber and was an investor in Oxford Networks which was eventually acquired by FirstLight. Both companies provide telecom services in the Northeast.
Novacap expects the Horizon deal to close in the second quarter of this year.